White House: Obama To Tap Janet Yellen For Fed Chair

The White House announced Tuesday that President Obama will nominate Federal Reserve Vice Chairwoman Janet Yellen to chair the Federal Reserve Wednesday. She would replace Ben Bernanke, who's stepping down from the post. Yellen has been the presumptive nominee for weeks, after Lawrence Summers announced his intention to remove himself from the running in September. She'd be the first woman to head the Fed.